End Oil Subsidies

As Americans continue to struggle with outrageous, unstable gas prices, big oil continues to benefit from them. The five biggest oil companies reported a massive $30 billion in first-quarter profits this year, a 38% increase from last year.¹

Despite these astronomical profits, House Republicans voted unanimously earlier this month to block consideration of a Democratic proposal to end some of the tax breaks and subsidies we give to big oil every year.

It's outrageous that our government continues to reward these oil giants with an additional $4 billion a year of our money in tax credits and subsidies. But pressure is building to finally end these big oil handouts.

74% of American's oppose these oil subsidies,² and more than 220,000 people have signed our petition asking congress to end them. Please add your voice now, and keep the pressure building.

Tell Congress: End oil subsidies.

It is a testament to the influence of polluters, and the power of the money they shower upon congress, that so many of our leaders have continued to defend these senseless subsidies.

As recently as this March, House Republicans — while simultaneously pleading poverty and fighting for crippling budget cuts elsewhere — voted unanimously against repealing these oil subsidies, at a total cost to us of $45 billion over 10 years.

But in the face of these huge budget cuts, painful gas prices and shocking oil company profits, it is becoming harder and harder for Republicans to defend this policy.

In a surprising move, Speaker John Boehner said recently that repealing oil subsidies "is certainly something we ought to be looking at" and that oil companies "ought to be paying their fair share."³ While his statement was quickly walked back the next day by an aide,⁴ it's clear that cracks are beginning to show in the Republicans' brazen defense of senseless oil handouts. Indeed, five House Republicans have now said they would support eliminating these subsidies.⁵

Hose and Senate Democrats have both unveiled proposals to repeal oil subsidies, a vote could come in the Senate as soon as Wednesday.

Momentum is building. This is a key moment to keep the pressure on, and force every member of congress to choose: Americans, or the oil companies?

Tell Congress: End oil subsidies.

Between the ruining of our gulf, the increasing frequency of extreme weather events brought on by climate change, and now — once again — astronomical oil company profits and oil prices that literally threaten our economy, we don't need any more reminders that it's time to end our reliance on oil.

Yet we're handing oil companies billions as we slash funding for the investments in clean energy and transit we need to break oil's grip on our lives.

This must end. And if we raise our voices, we can finally end it.

Thank you for taking action.

Elijah Zarlin, Campaign Manager CREDO Action from Working Assets

1. "The Showdown Over Big Oil," Think Progress, May 5, 2011
2. "Wall Street Journal/NBC News Poll," March 2, 2011
3. "Boehner opens door to ending tax breaks for big oil companies," The Hill, April 25, 2011
4. "Boehner aide: Tax comments were to avoid 'trap' of defending 'Big Oil'," The Hill, April 26, 2011
5. "The Showdown Over Big Oil," Think Progress, May 5, 2011